Cost And Profit PressureFY26 targets have been updated, including higher UK cost inflation, higher lease costs and lower Germany PBT target, which could weigh on the company's performance.
European Trade DynamicsThe slowdown in European imports following the re-stocking earlier this summer is noted as an important change.
Trade Exposure RisksThere is an expectation for companies with traditional overweight exposure to East-West trade to underperform overall global trade growth.